Prices and Charts
NZD Gold Returns to the Uptrend Line
Gold in New Zealand dollars rose during the early part of the week, but then fell, to be down $16 on 7 days ago. So gold now sits back on the rising trendline in the uptrend channel and the 200 day moving average. The odds make this yet another great buying opportunity. As gold has continuously bounced up from this uptrend line all year.
Silver Outperforming Gold Again
After a number of weeks of the opposite, silver again is outperforming gold. Rising sharply off the uptrend line as we suspected it might, NZD silver is up 2% from a week ago. We’d like to see it get back and hold above the 200 day moving average (MA) now. But our guess is with the RSI having dipped down to oversold, we have seen the bottom for silver in this correction. The fact that silver is once again outperforming gold adds weight to this theory. As silver tends to outperform on the up-legs, but fall more than gold on the down-legs.
NZ Dollar Also Bouncing Higher
The Kiwi dollar has also had a fairly hefty bounce these past 7 days. Up 70 basis points or 1.24%. But the NZ dollar continues to trade in this wide sideways range we have been tracking all year.
Need Help Understanding the Charts?
Check out this post if any of the terms we use when discussing the gold, silver and NZ Dollar charts are unknown to you:
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Global Monetary System Change: Will China Take Over the Reserve Currency Role?
The USA’s financial response to COVID19 has raised concerns over the greenback’s prospects. Emerging economies such as China and Russia have continued to diversify their holdings out of the global reserve currency.
As a result, the global share of US-dollar-denominated exchange reserves dropped to 59.0% in the fourth quarter of 2020. This was the 5th straight year of falls and matched the 25-year low of 1995.
This prompted us to take a look into how likely China is to take over from the USA as the global reserve currency. In this week’s feature article we answer a great question and cover:
- How Will the Global Monetary System Change Take Place?
- Rickards: Chinese Don’t Want the Global Reserve Currency
- China’s Rise to the Top is Not Assured
- What to Do If the Answer Isn’t Clear?
Your Questions Wanted
Remember, if you’ve got a specific question, be sure to send it in to be in the running for a 1oz silver coin.
As noted last week, premiums on most silver coins have dropped to the lowest they have been above spot price for some time. A bit of an indicator that demand for silver has also fallen back from previous levels. We’d say this is a good contrarian indicator.
With gold back to the uptrend line and silver not yet too far above it, we remain in an excellent buying zone.
So get in contact if you’d like a quote:
- Email: [email protected]
- Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
- or Shop Online with indicative pricing
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